When a couple goes into a marriage, they rarely consider that it might end in divorce. If that happens, it’s time to consider how property is divided when a relationship ends. Some of this will vary by state. In order to get specific information about the location where you live, it’s important to work with an attorney or another expert who understands the laws.
How Assets Are Divided in a Divorce
Any community property is subject to equitable distribution in most divorces. This includes all assets and profits accumulating while married, including what was obtained with the income. On the other side of things, any financial obligations made during the marriage are usually communal responsibilities.
In Florida, the property is divided through an equitable division. While this can mean everything is broken up evenly, a judge can decide that a 50/50 split would not be fair and divide property differently after considering many factors:
- Length of the marriage
- Economic circumstances of each spouse
- Interruption to one person’s educational or career opportunities
- Each person’s contributions to the marriage
- Contributions to the educational or career opportunities of the other person
- Contributions to increasing or acquiring income
- Any wrongful conduct during the marriage
- Contributions to improving nonmarital or marital assets
- Liabilities associated with a spouse that affect assets
- Either person’s destruction, depletion, or waste of marital assets after filing the divorce petition or two years before doing so
In addition, a judge will consider how challenging or simple it is to divide an asset before moving forward to do so. For instance, a business one spouse started might be a marital asset but is challenging to split. The business might be given to the party who operates it while another property or an amount of money is provided to the other spouse.
Choosing to Divide Property on Your Own
It’s possible to work with a mediator to determine how you want the property to be divided. If you and the other spouse can agree, you won’t need to go through the court and take their judgment as law. There are a few steps to this process.
First, you need to find a mediator to work with. Next, make a list of all your assets. Value the property as accurately as you can. Consider who the most logical owner would be as you discuss how to split the property. Once you agree on how to divide property, the court will normally agree with what you decide. This can make things easier and less costly for you. Contact Resolvium-Divorce Mediation today to learn more!
